Tear Sheet: Cheniere Energy Inc.

LNG volumes and revenue continue to be at record highs owing to the continued demand from Europe due to the supply imbalance caused by the Russia-Ukraine conflict and increased production capacity following the completion of train 3 at Cheniere Corpus Christi Holdings LLC (CCH) and train 6 at Sabine Pass Liquefaction LLC (SPL). We continue to believe CEI is strategically well placed to take advantage of the high LNG prices, with its nine trains operational. We forecast leverage of about 2x at the end of 2023 and below 4x at the end of 2024. The low leverage is in part due to strong cash flow from the sale of open cargos. CEI has committed to keeping its leverage at about

...Cheniere Energy Inc. (CEI) continues to benefit from strong commodity prices and increased liquefied natural gas (LNG) production capacity. LNG volumes and revenue continue to be at record highs owing to the continued demand from Europe due to the supply imbalance caused by the Russia-Ukraine conflict and increased production capacity following the completion of train 3 at Cheniere Corpus Christi Holdings LLC (CCH) and train 6 at Sabine Pass Liquefaction LLC (SPL). We continue to believe CEI is strategically well placed to take advantage of the high LNG prices, with its nine trains operational. We believe additional deleveraging is possible in the near term due to continued EBITDA growth. We forecast leverage of about 2x at the end of 2023 and below 4x at the end of 2024. The low leverage is in part due to strong cash flow from the sale of open cargos. CEI has committed to keeping its leverage at about 4x as LNG prices begin to normalize. This is in addition to its revised long-term capital...

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